3 railway stocks zoom up to 14%. Here's why
Rail Vikas Nigam (RVNL), Indian Railway Finance Corporation (IRFC), and Ircon International rallied up to 14% in Tuesday's trade.
Shares or RVNL jumped 5.6% to Rs 163 after the RVNL-MPCC joint venture emerged as the lowest bidder (L1 bidder) for all civil engineering works tenders from the Vadodara division of Western Railway.
The cost of the project is Rs 174 crore, and JV will complete the order in two years. In the joint venture, the RVNL share is 74%, and the MPCC share is 26%.
On Saturday last week, RVNL also received a letter of acceptance from Madhya Gujarat Vij Company.
The project cost is Rs 322.08 crore.
At 10.08 am, the RVNL shares were trading 2.5% higher at Rs 158.3. RVNL shares also delivered multibagger as the stock has jumped 380% in the past one year, while it has rallied over 650% in the last three years.
The RVNL stock has a PE of 24.4, while its market cap stood at Rs 33,141 crore.
Meanwhile, IRFC shares also continued their winning run and surged nearly 14% to Rs 75.7 in Tuesday's trade as 23,94,68,272 shares worth Rs 1,730 crore changed hands on the counter.
IRFC also delivered multibagger returns to its investors, as the stock has rallied over 115% year-to-date. It has also jumped over 150% in the last six months and gained over 220% in the past one year.
As per Trendlyne data, the average target price of IRFC is Rs 44, which shows a downside of 39% from the current market prices.
The consensus recommendation from two analysts for the stock is a 'Buy'.
At the same time, shares of Ircon International surged over 3% at Rs 131.8 in Tuesday's trade. A total of 1,22,96,821 Ircon International shares worth Rs 159.7 crore changed hands so far.
Ircon International has rallied nearly 120% year-to-date.
